MNTN, a company specializing in a performance-driven advertising platform for connected TVs, successfully raised $187 million by releasing 11.7 million shares at a price of $16, which was at the higher end of its projected range of $14 to $16. This marks a significant milestone as MNTN becomes the first US-based technology company to go public in 2023.
Headquartered in Austin, Texas, MNTN’s innovative Performance TV (PTV) software combines traditional TV advertising with digital marketing strategies akin to those used in paid search and social media advertising. Since 2019, the company has seen impressive growth, increasing its customer base to 2,225 clients in 2024, representing a remarkable compound annual growth rate of 73%. Over this period, MNTN’s advertising efforts reportedly generated $27.1 billion in revenue for its customers, showcasing the effectiveness of its platform.
Notably, MNTN acquired the marketing agency Maximum Effort Marketing, co-founded by actor Ryan Reynolds, in 2021 but has since returned the business to its original founders. Reynolds continues to play a pivotal role in the company as its Chief Creative Officer, highlighting the brand’s emphasis on creative marketing strategies.
The IPO has generated significant interest, and Morgan Stanley, Citi, Evercore ISI, Citizens JMP, Needham & Co., Raymond James, and Susquehanna Financial supported the offering as joint bookrunners. Plans are in place for MNTN to list on the NYSE under the ticker symbol MNTN.
This successful IPO reflects a growing confidence in innovative advertising technologies and could pave the way for more tech companies to consider going public in the near future, signifying a robust interest in the advertising sector.